Prices of rough diamonds by De Beers and Alrosa in January 2012 in the diamond city saw a decline between 6% and 10%, especially in the low range category because of competition from Zimbabwe stones. Also, the low range diamond boxes of these giant diamond mining companies are selling at discounted rates by up to 25% in Surat and Mumbai. Industry leaders say Zimbabwe diamonds are about 50% cheape

State media reports that ONLY 28 companies in Bulawayo have applied for the Distressed Industries and Marginalised Areas Fund (Dimaf), which is being disbursed through CABS, a Government official said yesterday.Last week the Government shortlisted 58 Bulawayo companies earmarked to benefit from the $40 million fund.In an interview yesterday the Permanent Secretary in the Ministry of Finance, Mr

GWERU- The country's sole glass manufacturer, the Zimbabwe Glass Industries (Zimglass) is set to resume operations in April after the company secured funding to refurbish its furnaces.The Gweru-based firm shut down operations last September, leaving 472 permanent employees and 100 contract workers stranded. Zimglass had battled to secure funds to resuscitate operations due to the liquidity crunch

Telecel Zimbabwe today officially launched its rebranded image, changing its corporate colours to red and white and simplifying its logo.This brings its visual branding in line with that of other Telecel affiliates in Africa under the African cluster of business in Orascom Telecom that have already rebranded.Telecel branches displaying the rebranded colours and logo about two weeks ago in the bui

The Reserve Bank of Zimbabwe said on Wednesday it has given five under capitalised banks two weeks to raise cash or face closure, after several banks were forced to shut because of the economic crisis.At the end of last year five of the country's 25 banks did not have the minimum capital required by law, central bank governor Gideon Gono said."Accordingly, all non-compliant institutions... have

THE Reserve Bank of Zimbabwe has set US$10 000 as the cash withdrawal limit with amounts exceeding this threshold now requiring prior notice to the processing bank. Reserve Bank of Zimbabwe Governor Dr Gideon Gono announced the requirement while presenting the 2012 Monetary Policy Statement to bank executives and journalists on Tuesday.Dr Gono said that the worsening liquidity, delayed cash payme

The Reserve Bank of Zimbabwe (RBZ) yesterday released the January 2012 Monetary Policy Statement. The RBZ notes that despite the lack of a lender of last resort, illiquidity in the market, limited lines of credit and a lack of an active money market, developments in the banking sector are encouraging considering and most of the banking institutions appear to be stable. However, the issue of increa

Advisor to the Reserve Bank of Zimbabwe Governor Dr Munyaradzi Kereke has left the central bank after an eight-year stint.Announcing his departure yesterday, RBZ Governor Dr Gideon Gono said Dr Kereke had been reassigned to take charge of "broader responsibilities in other spheres of national service".It was not immediately clear as of last night which organisation he was headed to.In a statement,

THE Ministry of Mines and Mining Development has indicated that it will carry out an aeromagnetic minerals survey throughout the country using its 25 percent revenue retention from fiscus obtained after proceeds from minerals are submitted to treasury.Late last year Government suspended an aeromagnetic minerals survey tender after the Ministry of Mines and Mining Development issued an ultimatum to

South African coal miner LontohCoal plans to build a 50 000 barrels-per-day coal-to-liquids plant in Zimbabwe, with commissioning expected in 2017, its chief executive officer Tshepo Kgadima said on Tuesday.He said the CTL plant, expected to cost $5,5 billion, would be supplied by thermal coal coming out of the Lubimbi coal project, in which the company holds a 51% stake.Lubimbi is expected to pro

Global Alliance Partners (GAP), a Hong Kong registered network organization of international, will hold its 8th Semi-Annual Conference of Global Alliance Partners will take place on 21st (Monday) — 22nd (Tuesday) of May 2012 in Harare, Zimbabwe as hosted by Imara Holdings. The GAP Conference will be followed by the Annual Imara Zimbabwe Investment Conference on 23rd (Wednesday) — 24th (Th

This is a press statement on Post Budget Developments in the Zimbabwean Economy presented by the Finance Minister, Tendai BitiIntroductionThe critical importance of the economy and macro-economic stability in our country predicates that there should be regular monitoring and oversight of all macro-economic indicators and vitals to allow Government, Business, Labour and all other stakeholders to p

Emirates SkyCargo will boost cargo capacity to Africa in early February by adding five weekly flights from Dubai to the capitals of Zambia and Zimbabwe.The freight division of Emirates Airlines said the A330-200 freighter will provide a weekly capacity of 160 metric tons to Lusaka, Zambia, and Harare, Zimbabwe, starting Feb. 1. Emirates launched a weekly cargo service to West Africa with calls at

TEHRAN. - Former Iranian Intelligence Minister Ali Falahian called on Tehran authorities to stop oil supply to the European Union member states before the bloc decides on banning oil imports from Iran. Speaking to FNA on Monday, Falahian pointed to a forthcoming meeting of the EU member states to impose an oil ban against Iran, and said European states need a 6-month time to find alternative sourc

THE Government has shortlisted 58 Bulawayo companies to benefit from the $40 million under the Distressed Industries and Marginalised Areas Fund (Dimaf), an official said yesterday.In a telephone interview from Harare, the director of Enterprise Development in the Ministry of Industry and Commerce, Mr Stanslaus Mangoma, said the companies were selected last year by the taskforce team on the